MIRA
INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Name : |
N.S. REMEDIES PRIVATE LIMITED |
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Registered
Office : |
Shilpangan, Module-S-03, 2nd Floor (CFB), Toy Park, LB-I, Salt
Lake, Behind Jadavpur University Ground, Kolkata-700091, West Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.02.2005 |
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Com. Reg. No.: |
21-101586 |
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Capital Investment
/ Paid-up Capital : |
Rs. 9.375 Millions |
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CIN No.: [Company Identification
No.] |
U24239WB2005PTC101586 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALN03653G |
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PAN No.: [Permanent Account No.] |
AACCN0954F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Medical Devices and Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appear huge
accumulated losses recorded by the company. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Works : |
Shilpangan, Module-S-03, 2nd Floor (CFB), Toy Park, LB-I,
Salt Lake, Behind Jadavpur University Ground, Kolkata-700091, West Bengal,
India |
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Tel. No.: |
91-33-23355260 / 61 |
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Mobile No.: |
91-9830956990 (Mr. Niraj Shah) |
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Fax No.: |
91-33-23355262 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Ashwin Khemani |
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Designation : |
Director |
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Address : |
Apartment # 7B, Alps Estate, 460/1, Kaikondanahalli, Sarjapur Road,
Bangalore-560035, India |
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Date of Birth/Age : |
23.09.1975 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
01600421 |
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Name : |
Mr. Srinivas Muniswamy |
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Designation : |
Director |
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Address : |
# 08, Kothanur Dinne, B. G. Road, Sos Post, 8TH Phash, J. P.
Nagar, Bangalore-560076, India |
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Date of Birth/Age : |
21.08.1957 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
02911338 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
|
Opto Circuits (India) Limited, India |
937500 |
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Total |
937500 |
AS ON 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Medical Devices and Equipments. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
·
Canara Bank, L. C. Road Branch, 9 Lala Lajpatrai
Sarani, Kolkata-700020, West Bengal, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N Sundara Rajan FCA Chartered Accountant |
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Address : |
21/4, Aswini Dutta Road, Kolkata-700029, West Bengal, India |
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Tel. No.: |
91-33-24647310 |
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Holding Company : |
Opto Circuits (India) Limited, India CIN No.: L85110KA1992PLC013223 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
937500 |
Equity Shares |
Rs.10/- each |
Rs. 9.375
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.375 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.860 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(34.699) |
(27.889) |
(19.516) |
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NETWORTH |
1.536 |
(25.889) |
(17.516) |
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LOAN FUNDS |
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1] Secured Loans |
5.876 |
7.557 |
9.934 |
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2] Unsecured Loans |
11.030 |
40.639 |
30.301 |
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TOTAL BORROWING |
16.906 |
48.196 |
40.235 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.309 |
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TEMPORARY OVERDRAFT IN BANK BALANCE |
0.000 |
0.000 |
0.575 |
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TOTAL |
18.442 |
22.307 |
23.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.992 |
15.130 |
17.318 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.187
|
2.646 |
2.593 |
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Sundry Debtors |
0.000
|
0.000 |
0.153 |
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Cash & Bank Balances |
0.042
|
0.086 |
0.355 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.228
|
5.189 |
4.778 |
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Total
Current Assets |
15.457
|
7.921 |
7.879 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.125
|
0.729 |
1.590 |
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Other Current Liabilities |
9.901
|
0.037 |
0.030 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
10.026
|
0.766 |
1.620 |
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Net Current Assets |
5.431
|
7.155 |
6.259 |
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MISCELLANEOUS EXPENSES |
0.019 |
0.022 |
0.026 |
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TOTAL |
18.442 |
22.307 |
23.603 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover |
0.240 |
NIL |
NIL |
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Other Income |
0.000 |
0.859 |
0.049 |
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TOTAL (A) |
0.240 |
NIL
|
NIL |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Financial Expenses |
7.049 |
9.520 |
11.058 |
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Depreciation |
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Advertising Expenses |
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TOTAL (B) |
7.049 |
9.520 |
11.058 |
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PROFIT BEFORE
TAX (E-F) (G) |
(6.809) |
(8.665) |
(11.013) |
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Less |
TAX (I) |
0.000 |
(0.292) |
0.130 |
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PROFIT AFTER TAX
(G-I) (J) |
(6.809) |
(8.373) |
(11.143) |
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IMPORTS VALUE |
0.000 |
0.299 |
3.999 |
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Earnings Per
Share (Rs.) |
(7.26) |
(41.87) |
(55.72) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2837.08)
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(2837.08)
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(23.93)
|
(37.59) |
(43.71) |
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Return on Investment (ROI) (PBT/Networth) |
|
(4.43)
|
0.33 |
0.63 |
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Debt Equity Ratio (Total Liability/Networth) |
|
17.53
|
(1.89) |
(2.41) |
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Current Ratio (Current Asset/Current Liability) |
|
1.54
|
10.34 |
4.86 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 5/1 A, Hungerfort Street, Shakespeare
sarani, Kolkata-700017, West Bengal, India to the present address w.e.f.
01.04.2010
FINANCIAL RESULTS:
The company has
incurred net loss of Rs. (6.809 Millions) before Tax during the financial year
ended 31.03.2010 Further the net loss after tax amounted to Rs.(6.809 Millions)
CONTINGENT
LIABILITIES:
1.
Total Guarantees outstanding as at 31st March, 2010
amounting to Rs. 0.135 million (31.03.2009- Rs. 0.135 million) have been issued
by a Bank on behalf of the company to commissioner of Customs, Kolkata
2.
Unsecured loan of Rs. 1.200 millions received from
M/S Addarsh Management Private Limited, has beed adjusted transferred to M/S
Surakhs Diagnostic and Eye Care Centre Private Limited and against which Equity
shares have been issued by the company on conversion. The Said loan into Equity
share capital on 31.03.2010 However there is no confirmation from M/s Addarsh
Management Private Limited till date for the said transfer / adjustment of the
same in favour of M/s Suraksha
Diagnostic Centre Private Limited and against which a claim may arise against
the company in future.
FORM 8
|
Corporate
identity number of the company |
U24239WB2005PTC101586 |
|
Name of the
company |
N.S. REMEDIES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5/1 A, Hungerfort Street, Shakespeare sarani, Kolkata-700017, West
Bengal, India |
|
This form is for |
Modification of
charge |
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Type of charge |
Any interest in
immovable property |
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Particular of
charge holder |
Canara Bank, L. C. Road Branch, 9 Lala Lajpatrai Sarani, Kolkata-700020,
West Bengal, India |
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Nature of
instrument creating charge |
ERM loan
agreement (applicable to loans against landed property only) |
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Date of
instrument Creating the charge |
03.02.2007 |
|
Amount secured by
the charge |
Rs. 17.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest on Term
Loan @ 12.75% per annum with monthly rests. Terms of repayment Term Loan: Rs.
10.000 millions repayable in 20 equal quarterly installments of Rs.0.500
million each commencing from 31.12.2006 and last installment due on
30.09.2011. Margin As stipulated by
the Bank Extent and operation of the charge Charge on
immovable property to the extent of Rs.10.000 millions as stated in the Term
Loan Agreement dated 03.02.2007 Other Other terms and
conditions remain unchanged as per Original charge dated 25.11.2005 for
Rs.17.500 Millions |
|
Short particulars
of the property charged (Including location of the property) |
Space alloted by
WBIDC LTD. at Shilpangan, Phase Ii, SDF Building, 3rd Floor, Light
Engineering Park, Salt Lake City, Kolkata-700 091,Module 2402 with super
built area of about 325 sq. mtrs. valued at Rs.3.828 millions by way of first
charge and one car parking space. |
|
Charge
identification number of the charge to be modified |
80024564 |
|
Particulars of
the present modification |
By this
modification the Term Loan limit of Rs.10.000 millions, charge of which was originally
created on 25.11.2005 is also covered under the Term Loan agreement dated
03.02.2007 and as per terms and conditions stated in the said agreement.
However in view of the modification the Overall charge remains the same at
Rs.17.500 millions (Comprising of Term Loan: Rs. 10.000 millions; Packing
Credit: Rs. 2.500 millions; FDB/FBE:Rs.3.000 millions; FLC: Rs. 1.500
millions and BG:Rs. 0.500 million). Other terms and conditions remain
unchanged. |
FIXED ASSETS
·
Plant and Machinery
·
Computer and Accessories
·
Electrical Installation
and Equipments
·
Furniture and Fixtures
·
Security System
·
Fire Extinguisher
·
Office Equipments
·
EPABX Telephone System
·
Leasehold Improvements
WEB SITE DETAILS
PROFILE
The stent market is a challenge and from its hygienic point
of view continuous up gradation in its manufacturing process is essential.
Keeping in anticipation all required measures for accuracy are adhered to on a
day to day basis with the latest and most sophisticated modern equipments.
Subject will provide high quality electro polishing and quench the thirst of
the buyers with their quality STENTS.
Stents are 100% methodically cleaned with scientific devices with special
efforts to check both inner and outer surfaces.
The authorized permanent team who lend their extensive
effort with proper cleanliness regulations, include experienced engineers,
technicians and quality control personnel.
They confirm to convince the world that the quality of our stent which is the
output of the most modernized scientific discovery is a surety for a healthy
human recovery.
Subject is controlling the highly modernized electro polishing process for the
stent i.e. dimension and surface accuracy as per its customer’s requirement.
Subject has long term experience in Laser material processing as well as
marketing of Stents. Subject goes through the entire required continuous
process for high quality material production.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 46.17 |
|
|
1 |
Rs. 73.64 |
|
Euro |
1 |
Rs. 64.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.